Yeap, it was very volatile. But besides the oil sector, other sectors aren't doing so bad actually. There is some noise that is pulling the overall market down. FOMC meeting will set the tone for 2015 tomorrow.
The 200 MA would offer pretty major resistance and the long term charts are still bullish. We are dealing with a single news event currently. Any good news on oil or its demand and a huge lift will happen. Price needs to be below the 200 MA and the 200 MA needs to be pointing down, not up for this to be a turn for me IMO. The world is awash with interest free money and money will find its way for the best return.
No, i am glad you shared your opinion. That's the whole point of this platform right? :)
I do agree with that a good news about oil will drive the market up. However, given that no one in the world is willing to cut production, oil can only go to 40.